Exploring Key Insights of the Photodynamic Therapy Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the photodynamic therapy market grown in recent years?
The market for photodynamic therapy has experienced robust expansion in the past few years. It is anticipated to escalate from $1.45 billion in 2024 to $1.55 billion in 2025, rising at a compound annual growth rate (CAGR) of 7.0%. The substantial growth observed in the historical period is the result of factors such as the growth in the elderly population, the surge in cancer cases, a rise in skin ailments, increasing pollution levels, greater spending on healthcare, and an increase in the number of healthcare institutions.
How is the photodynamic therapy market size expected to evolve during the forecast period?
The market size of metals and minerals is projected to experience a steady rise in the coming years. By 2029, the market is anticipated to reach $10704.96 billion, with a compound annual growth rate (CAGR) of 4.6%. Various factors contributing to the growth during the projected period include the implementation of circular economy strategies, the electric vehicle (EV) revolution, resilience in the supply chain, geopolitical elements, and shifting consumer preferences. Noteworthy trends expected during this period encompass green technology, innovative processing technology, advances in mining technology, a heightened emphasis on recycling, and incorporation of digitalization and automation in mining practices.
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Which key drivers are propelling the photodynamic therapy market’s growth?
The escalating incidence of skin cancer is a key factor driving the expansion of the photodynamic therapy market. Skin cancer is noted to be the most frequently occurring type of all cancers. Even though melanoma only accounts for around 1% of skin cancers, it results in a significant number of skin cancer fatalities. Photodynamic therapy (PDT) employs a mix of light-sensitive drug and intense light to kill cancer cells. In this method, a lotion infused with a light-sensitive chemical is applied to the skin cancer and the surrounding region. As per the American Cancer Society in January 2024, skin cancer tops the list of most common cancers in the U.S., with melanoma making up roughly 1% of the total cases but causing most skin cancer-related deaths. Furthermore, it is estimated that in 2024, around 100,640 new melanoma cases will be reported in the U.S., with approximately 59,170 in men and 41,470 in women. About 8,290 melanoma-related deaths are anticipated, including roughly 5,430 men and 2,860 women. Thus, the rising incidence of skin cancer is likely to stimulate the expansion of the photodynamic therapy market in the forthcoming years.
What are the market segments in the photodynamic therapy industry?
The photodynamic therapy market covered in this report is segmented –
1) By Product: Drugs, Devices
2) By Application: Actinic Keratosis (AK), Cancer, Acne, Psoriasis, Other Applications
3) By End-User: Cosmetics And Dermatology Clinics, Hospitals, Cancer Treatment Centers, Other End-Users
Subsegments:
1) By Drugs: Photosensitizers, Combination Drug Therapies, Novel Photosensitizer Formulations
2) By Devices: Light Sources (Laser Systems, LED Systems), Delivery Devices (Fiber Optics, Handheld Devices), Treatment Systems (Portable Devices, Fixed Systems)
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Which leading companies are shaping the growth of the photodynamic therapy market?
Major companies operating in the photodynamic therapy market include Galderma S.A., Bausch Health, Lumenis Ltd., Sun Pharmaceutical Industries Ltd., Biofrontera, Modlight Inc., PhotoMedex Inc., Soligenix Inc., Quest PharmaTech Inc., Novartis AG, Theralase Technologies Inc., Quantel Medical, Axcan Pharma, Sihealth, MediGlobus, Steba Biotech, Ambicare Health, Nuovo Therapy, Pharmstandard, Rusatom Healthcare, Roche Latvija SIA, Hologic, Inc., Dusa Pharmaceuticals, PDT Pharma Indústria e Comércio de ProdutosFarmacêuticos, MMOptics Ltd, Global Healthcare Solutions Perú, DMC Equipmentos LTDA, Biolite, SyMed LLC, Alma Lasers, Candela Medica, Velt International Group Inc.
What key trends are currently impacting the photodynamic therapy market’s development?
Companies operating within the photodynamic therapy market are directing their efforts towards clinical research, particularly trials that combine PDT with various medicines. An example of this trend was seen in February 2024 when Kintara Therapeutics, a biotechnology firm based in the United States, declared the start of a new clinical trial for their treatment, REM-001, designed specifically for cutaneous metastatic breast cancer. The trial in question, NCT05374915, is an open-label study involving 15 CMBC patients, testing the efficiency of the second-generation photodynamic treatment agent REM-001 at 0.8 mg dose. The goal of the trial is to enhance the design of the study in preparation for a Phase 3 trial, focusing on the Best Overall Objective Response Rate (bORR) in treatment areas within a 24-week period. The primary goal of the study is to evaluate complete and partial responses.
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Which geographic areas are influencing the growth of the photodynamic therapy market?
North America was the largest region in the photodynamic therapy market in 2024. The regions covered in the photodynamic therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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